| Intrinsic Valuation of: CDW | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $24B | |||||
| 2021 | - | - (-) | P/E Ratio | 22 | Total Asset | $15B | |||||
| 2022 | $685M | - (-) | Net Income | $1B | Total Debt | $6B | |||||
| 2023 | $1B | 76.5% (54.7%) | EBITDA | $2B | Total Liab | $12B | |||||
| 2024 | $1B | 20.1% (33.4%) | Opr Margin | 0.08 | Debt/Equity | 2.38 | |||||
| 2025 | $1B | -20.4% (-19.0%) | PreTax Margin | 6.84 | BV/Share | -28 | |||||
| 5Y Average FCF | $1B | 25.4% (23.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $72 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $4B | ||||||||||
| 2031 | $4B | ||||||||||
| Terminal Value | $92B | Net Worth/Share | $18 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $72B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $504M | $506 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 7.3% | 435 | 473 | 518 | 574 | 645 | |||
| Equity Value | $67B | 7.4% | 430 | 468 | 512 | 567 | 636 | ||||
| Shares Outstanding | 131,685,000 | 7.4% | 426 | 462 | 506 | 560 | 627 | ||||
| 7.9% | 386 | 416 | 451 | 494 | 546 | ||||||
| DCF Intrinsic Value | $506 | 8.4% | 352 | 377 | 406 | 441 | 482 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||